Maine Seller's Property Disclosure Form
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FAQs seller's property disclosure form maine
How do I find property owners willing to sell their real estate with seller financing?First lets go over that actual logistics of an owner financed deal. There are a couple ways you could buy with owner financing.One option is a Land Contract: In this scenario the current owner or seller keeps the deed in their name. They sign a purchase contract with the buyer with agreed upon terms and the title will not transfer until the terms have been completed, usually years down the road. This scenario is much safer for the seller as the seller has an easier job of taking the property back if the buyer defaults on the payment arrangements.The second option is for the buyer to purchase the property with a private money mortgage from the seller. In this scenario title transfers just like it would with a traditional sale. The seller acts just like a bank would and places a recorded mortgage on the property. This scenario is better for the buyer as title is immediately placed into their name and they do run the risk of the seller being able to place additional liens or encumbrances on the title like the seller would be able to do in a land contract scenario. Now that we got that out of the way we can get into finding owners who are willing to sell you properties via owner financing. Direct mail and online advertising campaigns telling people that you buy houses is the best way to get in front of these sellers. You will want to target owners who own properties free and clear. If there is an existing mortgage on the property it just won't be a good use of your time shaking that tree.
How do you approach a seller to get their property under contract when wholesaling in real estate? What do you offer? How much do you offer?How do you approach a seller to get their property under contract when wholesaling in real estate? What do you offer? How much do you offer?How do you approach a seller?Most wholesalers make an initial approach through some sort of marketing. I generally use postcards. Some people use letters, either regular letters or “yellow letters.” Many rely largely or partially on leads from their websites. In some areas, “driving for dollars” can work.The reason is that relatively few people are interested in selling at any specific time. Beyond that, relatively few of those are in situations or conditions where they’d seriously consider the (generally) low offer from a wholesaler versus the higher amount they could receive by listing with an agent.So which makes more sense: Make 1,000 phone calls and have 6 people say “maybe”? Or send out a 1,000 postcards or letters and have 4 people call you and say “maybe”? (I’m giving a higher response rate to the direct contact because you’re more likely to get a “maybe” or even a “yes” that way.) Consider:Do you have time to make 1,000 phone calls?Can you locate the phone numbers of 1,000 prospects?What is your expense—in time spent and in locating the phone numbers—for those prospects?As a result, it’s generally much more efficient to do an initial marketing effort and then follow up with people who respond.From that point, it’s easy. They’ve contacted you and presumably provided a phone number (or two). You pick up the phone, call the number, and say:“Hello. May I please speak to Mr. Smith.” If the person who answers isn’t Mr. Smith, you say, “I’m returning Mr. Smith’s call about his property at 123 Main Street.” If it is Mr. Smith, you say, “Hi. I’m Delroy Jones. I’m returning your call about your property at 123 Main Street.”Then you get the person to talk a bit about the house. Then you move into why the person wants to sell. Listen to every word, every sentence. Listen for the hesitations. You’ll learn a huge amount just by listening. If Smith doesn’t mention a specific amount, you can ask, “Do you have any figure in mind—a ballpark figure is fine—about what you might consider selling your house for?” Unless the seller is absolutely firm that he/she wants “full price” with some high number for the property, you then make an appointment to take a look at the property.What do you offer? How much do you offer?You offer an amount that a rehabber will pay you minus your wholesaling fee. And that means you need to have a pretty good idea of what rehabbers are willing to pay for the property.The classic formula isMAO=(ARV*0.7)+repair costsMAO=Maximum Allowable OfferARV=After-Repair ValueThat means you’ll need to know what the after-repair value will be. You’ll need a decent idea of the repair costs. And that 70% figure may vary somewhat depending on geography, price of the home, and how hot or cold the market is. In a hot high-priced market you can go to 75% or even a bit higher. In a cooler or lower-priced market, you might be at 65%.Example: The house, when fully fixed up, will sell for $500,000. That’s its ARV.Repair costs—the money to get the house from its current condition to great ARV condition—are $50,000.The MAO is ($500,000*0.7)-$50,000.That equals $300,000.Now subtract your wholesaling fee. Let’s say that’s $10,000.Your MAO—the highest offer you can make and the highest price you can accept—is $290,000.What do you offer? $290,000 or less. Most wholesalers would offer less in order to give themselves some negotiating room. Something like $271,560. (See some books on negotiating—I like the ones by Roger Dawson—on why you’re offering $271,560 rather than perhaps $270,000.)In a nutshell, then, determine what a rehabber will pay. Subtract your wholesaling fee from that. Make the number an odd, specific one, likely a bit lower than the rehabber’s price minus your wholesaling fee. That’s your starting offer.
How do I form a real estate investor group to invest into commercial properties?Commercial real estate of you create new apartments in the sun belt.. It's basically, location, location, location and also cost, quality, and timing to the customer. I moved into a new. Apt complex. The owner cut allot of corners and built the development with allot of cheap labor. He built a website so the tenants could pay automatically. He has. A clubhouse with pool and fitness center. He just sold it after losing it up, for 55 million dollars. He had a good property manager, and loaded the buildings while he was finishing the others. I hear they're dividing up the Waldorf Asteria into condos. Astoria was named after John David Astor ergo had a fur trading company and built the New York Library. Blank Stone it's the largest property owner in the country. Simon Properties tried to by Taubman but Michigan would not let them. Read Rich Dad / Poor Dad. They have their own commercial real estate group. The author can give you advice. Commercial real estate id's chancey if you don't know what you are doing. I would invest with that rich dad poor dad group..Kawasaki sounds honest. He's also a former Vietnam Pilot.
Can someone provide me the property disclosure form which is to be filled out by the employees of the UP government as per the instructions by the new CM?It will be available in the UP Government website. Further you can email or tweet to the Chief Minister of UP requesting for the particular information. The CM is a committed social worker and leads the life a yogi, so everything is transparent about him and his Government.
How likely is it for me to win a lawsuit where a seller wants to back out of a signed commercial real estate offer/contract?Obligatory legalese: I’m not a lawyer and you should consult one for legal advice.Generally speaking, if you have performed as specified in the contract, including putting in deposit, removing any applicable contingencies, and informing seller of your intent to close, then I think you have a pretty good case.However, in practical terms, it’s not clear if you should go to court. Lawyers are expensive and, depending on the contract and the state you’re in, you may not be able to get back your expenses, even if you win. And any case, even a winning one, is going to take a long time to complete; is it really worth your time and aggravation?
For the new 2016 W8-BEN-E form to be filled out by companies doing business as a seller on the Amazon USA website, do I fill out a U.S. TIN, a GIIN, or a foreign TIN?You will need to obtain an EIN for the BC corporation; however, I would imagine a W8-BEN is not appropriate for you, if you are selling through Amazon FBA. The FBA program generally makes Amazon your agent in the US, which means any of your US source income, ie anything sold to a US customer is taxable in the US. W8-BEN is asserting that you either have no US sourced income or that income is exempt under the US/Canadian tax treaty. Based on the limited knowledge I have of your situation, but if you are selling through the FBA program, I would say you don’t qualify to file a W8-BEN, but rather should be completing a W8-ECI and your BC corporation should be filing an 1120F to report your US effectively connected income.
Hi. Anyone familiary with owning real estate in a different state? I own a property in Texas and recently just moved to Arizona. Is there any paperwork I should fill out with Texas?Each state has different laws regarding tax liabilities, etc. Speak with an attorney and a tax professional in your state of residence, as well as the other state(s) in which you own real estate to learn about the implications. All the best to you!
Real Estate: How do I best structure a rental property if the bank refuses to title it to an LLC but I still want to operate it out of an LLC?The bank doesn’t have anything to do with the title to the property.The bank makes loans.What you seem to be saying is that you are buying the property with a partner and you want the bank to loan money to an LLC.Why would the bank do that?The bank needs a first lien on the property to secure the loan. Only the owner of the property can give the bank a first lien. That is you and your partner.If you are saying that you want to create a Limited Liability Company (LLC) with you and your partner as the sole owners, and then have the LLC purchase the property, and you want the bank to loan the money to the LLC to purchase the property, then the answer is simple.The bank is the one who makes the decision about loaning money.If the bank is not comfortable loaning money to a company that, by its very nature and name, has no liability for paying it back, beyond foreclosure on the property, then the bank will not loan the money.The bank would prefer that you and your partner borrow the money.That way, if you do not pay it back, the bank will foreclose on the property and sell it at auction and apply the net proceeds to satisfy your loan.And then, the bank will sue you for the remaining balance and get a deficiency judgment against you for the unpaid part of the loan.And that’s why banks will not loan to an LLC, but will loan to the owner of the LLC.Plus, and I don’t want to scare you with this, if you try to pull some stunt to get around this, you are operating in the area that is called “fraud” and you really don’t want to go there.Accept the decision of the bank, and look for a commercial loan, or to private “hard money lenders” to provide the funds.I hope this helps.Good Luck.Michael Lantrip, Author “How To Do A Section 1031 Like Kind Exchange.”
Is my real estate agent being honest? He said he has to pay $100 to Zillow each time someone fills out the contact listing agent form on my house. True?Not to my knowledge. In my area, the way Zillow works is it pulls listings from the MLS (multiple listing service) unless I check a box that says the seller prohibits this. So it’s no more work for me to list your property on Zillow than in the MLS. Zillow sells real estate agents “leads” (queries about specific properties) or (in a new program) takes a % of the brokerage fee after a property has closed. Contacting agents online is free to both parties.
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People also ask maine property disclosure form 2020
What is the purpose of a property disclosure statement?The purpose of the property disclosure statement is bi-fold: To inform buyers about any issues with owning the home and. To legally protect the sellers from potential lawsuits in the future.
What are disclosures in rEval estate?When you set out to sell a house, most states require you to make certain \u201cdisclosures.\u201d Disclosures refer to any \u201cmaterial defects\u201d in the home, and in many states you will be held liable if you don't tell the buyer about them upfront.
Is a property disclosure statement required?The property disclosure statement is required in most States to be completed by the seller to inform the buyer of any material defects or information by law to be mentioned. ... Once completed, the statement must be delivered to the buyer before or at the time an offer is placed.
Who must deliver a property condition disclosure statement?General Instructions: The Property Condition Disclosure Act requires the seller of residential rEval property to cause this disclosure statement or a copy thereof to be delivered to a buyer or buyer's agent prior to the signing by the buyer of a binding contract of sale.
What is a disclosure form in rEval estate?A seller's disclosure form is a legally required statement that discloses important or relevant information to a rEval property buyer. A sellers' property disclosure form is governed by state and federal laws. ... In rEval estate disclosure, a seller has to disclose to a buyer the latent defects in the property.